| Decision | Consent Granted Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 26 November 2024 |
| Pathway | Significant business assets |
| Investment | Acquisition of the portfolio of residential mortgage loans to customers of Bluestone Mortgages NZ Limited |
| Consideration | $597,000,000 |
| Applicant | Challenger NZ HoldCo1 Limited Australia 53% United States of America 22% Japan 15% United Kingdom 5% Various 5% |
| Vendor | Bluestone Mortgages NZ Limited United States of America 60% Cayman Islands 24% Singapore 7% Various 9% |
| Background | The Applicant is a New Zealand company ultimately owned by Challenger Limited, an investment management firm listed on the Australian stock exchange. The Applicant is acquiring Bluestone Mortgages NZ’s residential mortgage loan portfolio in New Zealand. Bluestone Mortgages NZ is a non-bank lender operating in Australia and New Zealand. It is exiting the New Zealand market. Consent was granted as the Applicant met the investor test criterion. |
| More information | Alex Franks Chapman Tripp (Auckland) PO Box 2206 Auckland 1140 |
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